We are talking about advertising campaigns organized in Hong Kong by two foreign legal entities, whose names the department does not provide. According to the HKMA, one of the firms introduced itself as a “bank”, while the other described its product as a “bank card”.
“The HKMA is concerned that such statements mislead consumers into believing that crypto companies’ products and services are regulated by Hong Kong regulators. Such actions may constitute a violation of the Banking Act,” the HKMA said.
Hong Kong residents were advised to check the licensing status of companies offering financial services on the Register of Authorized Institutions on the HKMA website.
Earlier, the head of the Securities and Futures Commission of Hong Kong, Julia Leung, announced the authorities’ desire to benefit from people’s growing interest in digital assets. The authorities intend to license 11 new crypto platforms.
Source: Bits
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